East West Bancorp, Inc. (EWBC) Wednesday reported first-quarter profit of $72.09 million, up from $68.08 million in the same period last year.
Net income available to common shareholders improved to $70.38 million or $0.50 per share from $66.37 million or $0.45 per share last year.
On average, 16 analysts polled by Thomson Reuters expected the company to earn $0.49 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income decreased to $209.29 million from $218.92 million last year. Adjusted net-interest income was $184.62 million, compared to $204.21 million last year. Adjusted net-interest margin was $3.62 percent.
Non-interest income for the quarter was a negative $2.10 million, compared to $21.74 million last year.
Looking ahead to the second quarter, the company has forecast earnings in the range of $0.50 to $0.51 per share. Analysts' currently expect second-quarter earnings of $0.51 per share.
For the fiscal year 2013, the management reaffirmed its earnings guidance range of $2.00 to $2.04 per share. Analysts, currently expect the company to report full-year earnings of $2.04 per share.
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